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Spinola Stresses Fiscal Responsibility

NEW YORK CITY-At Manhattan's Harvard Club, Steven Spinola, REBNY's president, advised a re-examining of what New Yorkers are spending and on what.

By Ryan Clark | Updated on May 12, 2009

NEW YORK CITY-A buffer of blocks from the beacon of Midtown, Grand Central Station, the Hellenic-American Chamber of Commerce held their 9th Annual Real Estate Lecture series. Bustled onto the second floor of 35 W. 44th St., the event was put together by the group’s Real Estate Committee and chaired by Heritage Realty Services’ president and CEO George T. Constantin. The draw for the evening was the Real Estate Board of New York’s president Steven Spinola, who addressed the assemblage with the lecture “New York’s Fiscal Crisis: Its Budget, Taxes and Real Estate.”

Despite the faux-candle chandeliers and the on-looking paintings of the former presidents of the Harvard Club, Spinola seemed under no pressure to sound upbeat. “If you’re here to hear good news,” he began. “I might summarize that.”

Spinola pointed to the importance of the revenue that real estate creates for the city, but stressed the shortfalls the city is running into. “It’s not a budget problem,” he explained. “It’s a spending problem.”

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